A business loan shows up in your accounts in a few places, and getting them right keeps your figures clean. Your Credicorp records give your accountant everything they need.
What needs to be right
- The outstanding balance as a liability at your year-end date.
- The interest for the year as a finance cost in the profit and loss.
- The split between current and longer-term portions of the balance, if relevant.
Where the figures come from
Pull the year-end closing balance from a statement dated to your accounting date, and the year’s total interest from the year-end summary. Because interest is simple and fixed, the numbers reconcile against the schedule without adjustment. We provide the records; how the loan is presented and treated in the accounts is your accountant’s call — this is record-keeping help, not accounting advice.
Your facility is priced with simple interest and the figures fixed up front on your Key Information Sheet, so nothing here changes what you owe by surprise — it only changes how you view, manage or evidence it.
See also: How to confirm your closing balance at year end, How to see how much of each payment is interest, How to put together a year-end pack.